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Geospace Technologies Announces Rental CONTRACT FOR 5,000 OBX STATIONS

The following excerpt is from the company's SEC filing.

Houston, Texas October 1, 2015 Geospace Technologies Corporation (NASDAQ: GEOS) announced today that it has entered into a rental contract with an international seismic contractor to rent 5,000 stations of its cableless ocean bottom nodal system. Delivery of the OBX system is expected to occur in Geospaces second fiscal quarter ending March 31, 2016. The rental term is expected to last for up to nine months, resulting in revenues of up to $17.1 million. The contract is cancellable by the customer at any time which, in such case, would result in minimum revenues of at least $1.3 million.

Geospace Techn ologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. The company also designs and manufactures...